Market news
03.05.2023, 05:56

GBP/USD faces extra consolidation near term – UOB

Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD is now likely to navigate within the 1.2395/1.2565 range in the next few weeks.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the bias for GBP is tilted to the downside but it is unlikely to break the strong support at 1.2440’. GBP weakened more than expected as it broke slightly below 1.2440 (low of 1.2436) before rebounding. While there is no significant increase in downward momentum, GBP could dip to 1.2425 before a more sustained rebound is likely. Resistance is at 1.2500, followed by 1.2525.”

Next 1-3 weeks: “Yesterday (02 May, spot at 1.2495), we highlighted that for GBP to strengthen further, it must not fall below 1.2440. In NY trade, GBP dropped to 1.2436 before rebounding. The breach of the ‘strong support’ level at 1.2440 indicates that GBP is unlikely to strengthen further. For the time being, GBP is more likely to trade in a 1.2395/1.2565 range.”

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location